favor labor or capita
The impact of AI on the economy seems to boil down to this question: will companies and consumers favor human labor or the preservation of capital? The answer lies in the specific field AI is applied to.
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y increase the overall demand for labor dueto an increased demand for complementary task
This reflects how AI may not necessarily only eliminate certain jobs, it may also shift priorities to demand new skills that complement automation.
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is ultimately not obviouseven whether the number of radiologists will rise or fall, since that will depend onwhether radiologists perform the nonprediction tasks and whether overall demandfor radiology services rises as radiology becomes more efficient
While the advancement of AI is tending towards full automation, it is suggested that human intermediaries are indispensable within the medical field as a result of bias towards human expertise.
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owever, when uncertainty isreduced, generic rules may be replaced with probability-driven decision
With AI reducing uncertainty, policymakers can make more informed decisions on how to regulate individuals, companies, and populations.
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automation of an occupation.
When an occupation is automated by a system far superior to human computing ability, AI expansion can be justified. The loss of an individual or individuals' occupation may be justified by increased quality of care for those affected by serious illnesses.
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ersonalization of treatme
The personalization aspect of AI is an avenue for innovation in many fields even beyond medicine, including education, finance, and even social networking.
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s. In other words, if judicial outputwere measured in a quality-adjusted way, output and hence labor productivitycould rise significantly
This use of augmented labor could have significant social implications by expediting bureaucracy, an improvement that the US legal system could greatly benefit from.
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A number of artificial intelligence applications substitute capital for labor byautomating prediction tasks in legal work, while still leaving the decision tasks to thehuman lawye
This is a use-case in which the substitution of capital for labor is touted to increase efficiency. However, the consequences of this substitution may sacrifice the training of a younger generation of paralegals and neglect to prepare them for the industry that they hope to break in, as the entry-level job market will be oversaturated by robots.
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ut simply, given a prediction, human deci-sionmakers can in some cases make more nuanced and improved choices
When used correctly, AI can transform human decision making, taking the work of experts to a level that was previously unattainable and unequivocally improve the human condition. However, if too much trust is placed in AI prediction without the input of industry professionals, it can severely damage outcomes and credibility.
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four direct effects through which advances in prediction tech-nology may affect labor in a task-based framewor
The effect of AI on the labor market is determined by advances in prediction technology--this affects current workplace values as it creates more avenues for capital to be directly substituted for labor. This will lead to changing workplace dynamics, resulting in the need for large portions of the workforce to adapt their skills to other fields, or gain new skills to succeed in another profession.
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